If you spent much of your life building on your career and focusing on growing your assets, then you may be one of many people in the country who have no specific heirs that you’d like to leave your assets to in the future. Building a legacy can be about more than providing for your family in the future, though. You may also build one by donating to causes you believe in or by starting scholarship funds.
There are unique ways to leave your mark on the world long after you’ve passed. This is something your estate planning attorney can help you address in your paperwork, so that you set up inheritances for the alternative heirs and beneficiaries you have in mind.
What’s a great way to pass on your assets when you have no heirs?
If you have a great number of assets but no heirs, you may need to focus on finding someone to benefit from your hard work. In a typical scenario, the process goes from your surviving spouse to children and then grandchildren. If they aren’t available, then parents, grandparents, nieces, nephews, siblings or others may be next in line.
If you have no next of kin, the state may receive your assets, which may not be what you want. Instead, you may want to opt to pass on your wealth in a way that directly benefits the public good in a way you approve of, such as donating to build a park or to erect new equipment on a playground.
Did you know that anyone can inherit your assets?
Did you know that anyone can inherit your assets? You may choose to set up a charitable remainder trust for a charity that you believe in or donate to a school in your local community to set up a scholarship fund. It’s up to you, but you still need to make sure your legal documents are in order before you pass away. Otherwise, these assets may end up in probate or sent to the state when you would have wanted a different outcome for your hard work.